MORNING LINE: With Siddiqui, time frame is everything
It’s clear Las Vegas high roller Omar Siddiqui is in plenty of trouble after the recent federal criminal complaint was filed against him accusing him of ripping $65 million from Fry’s Electronics through a scam involving vendors. He used the money to pay for a high-flying lifestyle and make good on mounds of debts at Las Vegas casinos.
Whether Las Vegas casinos look like they were merely doing business or squeezing the goose that gave them fraudulently obtained golden eggs, in my opinion, is a question of timing.
For instance: If Siddiqui was a whale with a solid track record of repayment, it makes sense to give him credit. But we now know that at one point several years ago he was reneging on his credit at a high rate. At some point, don’t casinos have a responsibility to use better credit lending practices?
It will also be interesting to learn just how close Siddiqui was to some casino operators.
